News Flash

Federal Government

Posted on: August 12, 2022

Inflation Reduction Act Activity

This past weekend, the U.S. Senate utilized the chamber’s reconciliation rules to pass the Inflation Reduction Act, along a party-line vote of 51-50, with Vice President Kamala Harris casting the tie-breaking vote.
 
On Wednesday, the House of Representatives Committee on Rules passed the parameters for the House’s consideration of this legislation on Friday.
 
 The majority of the provisions in the act concerns mitigating the effects of climate change, health policy, increased enforcement by the Internal Revenue Services (IRS), and increases in government revenue.
 
 Not included in the package was any consideration of a change to the $10,000 State and Local Taxes (SALT) deduction cap. Public comments indicate that its exclusion will not preclude support from New Jersey congressional members who have previously indicated that the deduction cap removal must be included in the legislation.
 
For more information on the legislation, please read the League’s recent blog post.

 
Contact: Paul Penna, Senior Legislative Analyst, ppenna@njlm.org, 609-695-3481, x110.

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